SEC Litigation Release
November 08 2012 - 4:30PM
OTC Markets
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 22521
/ October 26, 2012Accounting and Auditing Enforcement Release No.
3422 / October 26, 2012
Securities and Exchange Commission v.
MedLink International, Inc., Aurelio Vuono and James Rose,
Civil Action No. 12 Civ. 5325 (E.D.N.Y.)SEC Charges Medlink
International and Two Executives with Fraudulent Filing
The Securities and Exchange Commission today announced that it
filed a civil injunctive action against MedLink International,
Inc., its CEO, Aurelio Vuono, and its CFO, James Rose, accusing
them of filing an annual report falsely stating that its audit had
been completed and defrauding a MedLink investor. MedLink's
principal office is in Hauppauge, New York, and it purports to be a
healthcare information technology company. Vuono, age 46 and a
recidivist securities law violator, resides in Huntington Station,
New York. Rose, age 33, resides in Hauppauge, New York.
The Commission's complaint, filed October 24, 2012 in U.S. District
Court in Brooklyn, New York, alleges that on April 25, 2011,
MedLink filed with the Commission an annual report on Form 10-K for
the year ended December 31, 2010. Included in the filing was an
audit report with the electronic signature of MedLink's auditor,
which stated that the auditor had conducted an audit of MedLink's
financial statements for the years ended December 31, 2009 and
2010. The complaint alleges that the Form 10-K was false and
misleading because the audit had not been completed, and the
auditor had not authorized MedLink to include the audit report or
to use its electronic signature. The complaint also alleges that
the Form 10-K was false and misleading because it contained the
electronic signature of MedLink's founder and director, even though
the director had not reviewed it nor authorized use of his
electronic signature.
The complaint further alleges that in approximately April 2011, a
MedLink investor agreed to purchase 210,526 shares of MedLink stock
for $149,473.50. Vuono promised the investor that MedLink would
delay this purchase and not cash the investor's check until the
investor had sufficient funds in his checking account. Shortly
thereafter, the investor informed Vuono and Rose that MedLink was
not authorized to cash the check and instructed MedLink to return
it. Instead of returning the check, Rose deposited it in MedLink's
bank account. Despite repeated requests, MedLink did not return the
investor's money or issue any MedLink stock to the investor.
The Commission's complaint charges: MedLink, Vuono and Rose with
violations of Section 17(a) of the Securities Act of 1933, Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5;
MedLink with violations of Section 15(d) of the Exchange Act and
Rules 12b-20 and 15d-1; Vuono and Rose with violations of Exchange
Act Rule 15d-14; and Vuono and Rose with aiding and abetting
MedLink's violations of Section 17(a) of the Securities Act,
Sections 10(b) and 15(d) of the Exchange Act and Rules10b-5, 12b-20
and 15d-1. The Commission is seeking against MedLink, Vuono and
Rose permanent injunctions, disgorgement of ill-gotten gains with
prejudgment interest to be paid jointly and severally, and civil
monetary penalties. The Commission is also seeking against Vuono
and Rose officer and director and penny stock bars.
SEC Complaint
http://www.sec.gov/litigation/litreleases/2012/lr22521.htm
MedLink (CE) (USOTC:MLKNA)
Historical Stock Chart
From Aug 2024 to Sep 2024
MedLink (CE) (USOTC:MLKNA)
Historical Stock Chart
From Sep 2023 to Sep 2024